SurveysAug 29, 2022
Here’s the Latest Government Data on Jewelry SalesSurveysOct 05, 2022
U.S. Jewelry, Watch Sales Slow in August
Plus, what economists are saying about consumer spending and a possible recession.
A pair of one-of-a-kind 18-karat rose gold earrings set with rubellite tourmalines, pink sapphires and diamonds by Sevun (price available upon request). U.S. watch and jewelry sales were up only 4 percent year-over-year, according to preliminary data from the U.S. Bureau of Economic Analysis.
New York—U.S. watch and jewelry sales growth slowed year-over-year in August, government data shows, with numbers still paling in comparison to the highs of last year.
Sales in the category in August were up 4 percent year-over-year, according to preliminary data from the U.S. Bureau of Economic Analysis (BEA).
Jewelry sales alone increased 4 percent year-over-year while watch sales also rose up 4 percent.
In July, sales in the watch and jewelry category rose 6 percent year-over-year, as per revised BEA data, with jewelry sales increasing 6 percent and watch sales up 7 percent.
Watch and jewelry sales for the full year are expected to continue to grow but will likely not match the level reached last year.
In 2021, dubbed “the year of jewelry” by industry analyst Edahn Golan, sales in the category reached an estimated $106.01 billion, a 46 percent increase year-over-year, according to revised BEA data.
This year, as of September, full-year watch and jewelry sales are expected to reach an estimated $112.34 billion, a 6 percent year-over-year increase.
Jewelry and watch sales and the overall economy are on a similar trajectory of slowing growth as consumers battle inflation amid geopolitical unrest.
The Consumer Price Index, which measures the average change in prices over time consumers will pay for a basket of goods and services, rose 8 percent year-over-year in August and 0.1 percent month-over-month.
The rising cost of shelter and food offset the effect of falling gas prices, according to data from the Bureau of Labor Statistics.
In a statement about September’s CPI, President Joe Biden said: “It will take more time and resolve to bring inflation down, which is why we passed the Inflation Reduction Act to lower the cost of healthcare, prescription drugs and energy.”
Related stories will be right here …
Sales in the category in August were up 4 percent year-over-year, according to preliminary data from the U.S. Bureau of Economic Analysis (BEA).
Jewelry sales alone increased 4 percent year-over-year while watch sales also rose up 4 percent.
In July, sales in the watch and jewelry category rose 6 percent year-over-year, as per revised BEA data, with jewelry sales increasing 6 percent and watch sales up 7 percent.
Watch and jewelry sales for the full year are expected to continue to grow but will likely not match the level reached last year.
In 2021, dubbed “the year of jewelry” by industry analyst Edahn Golan, sales in the category reached an estimated $106.01 billion, a 46 percent increase year-over-year, according to revised BEA data.
This year, as of September, full-year watch and jewelry sales are expected to reach an estimated $112.34 billion, a 6 percent year-over-year increase.
Jewelry and watch sales and the overall economy are on a similar trajectory of slowing growth as consumers battle inflation amid geopolitical unrest.
The Consumer Price Index, which measures the average change in prices over time consumers will pay for a basket of goods and services, rose 8 percent year-over-year in August and 0.1 percent month-over-month.
The rising cost of shelter and food offset the effect of falling gas prices, according to data from the Bureau of Labor Statistics.
In a statement about September’s CPI, President Joe Biden said: “It will take more time and resolve to bring inflation down, which is why we passed the Inflation Reduction Act to lower the cost of healthcare, prescription drugs and energy.”
In the National Retail Federation’s October review, Chief Economist Jack Kleinhenz gave an overview of the current economic situation, highlighting the headwinds and weighing the possibility of a recession.
“The economic situation in the United States is unsettling,” said Kleinhenz. “Consumer confidence is down, consumer spending’s rate of growth has slowed, and economists and consumers alike are worried about the possibility of a recession, all reflecting persistently high inflation and rising interest rates.”
While the spending growth rate has slowed, there is still growth.
Consumer spending was better than expected in August with the U.S. Census Bureau reporting overall retail sales growth of 0.3 percent month-over-month and 9 percent year-over-year.
“Year-over-year increases in retail sales have been mostly in the upper single digits since spring, not as dramatic as the double-digit numbers seen most of last year into early 2022 but still healthy,” he said.
The battle against inflation is a tricky one. Higher prices impact consumer confidence, but the Federal Reserve’s main tool in fighting inflation is raising the interest rate, which is another blow to consumer confidence.
“Consumers have become cautious – but they have not stopped spending,” Kleinhenz said. “Growth is not as high as last year, but households continue to spend each month as more jobs, wage growth and savings backstop their finances and help them confront higher prices.”
As for a recession, the possibility is seeming more likely, he said. Gross domestic product has declined for two consecutive quarters, which does typically, though not by the official definition, indicate a recession.
The Blue Chip Economic Indicators panel of business economists, which includes Kleinhenz, does predict GDP growth ahead in the third and fourth quarters of the year.
However, in a September survey, fewer economists on the panel believe the Federal Reserve can rein in inflation without causing a recession (38 percent this month versus 51 percent in August), but 95 percent believe a recession would likely be mild.
Around 42 percent of the panel said they expect a recession this year while 54 percent said it would begin in 2023.
More on Surveys
The Latest
CollectionsApr 19, 2024
Piece of the Week: Retrouvaí’s Treasure NecklaceA new addition to the “Heirloom” collection, this one-of-a-kind piece features 32 custom-cut gemstones.
CrimeApr 19, 2024
Grand Jury to Hear Case Against Jeweler Charged in Fatal Shove Following IJO ShowLast month in Dallas, David Walton pushed another jeweler, David Ettinger, who later died.
MajorsApr 19, 2024
Unique Designs Acquires China PearlThe move will allow the manufacturing company to offer a more “diverse and comprehensive” range of products.
Brought to you by
The Blueprint for Success in Scalable, Personalized Jewelry RetailWith Ho Brothers, you can unlock your brand's true potential and offer customers the personalized jewelry experiences they desire.
GradingApr 19, 2024
AGS Ideal Report Now Available in Printed FormFrom now through mid-May, GIA will be offering the reports at a 50 percent discount.
Weekly QuizApr 19, 2024
This Week’s QuizTest your jewelry news knowledge by answering these seven questions.
SourcingApr 18, 2024
Diamond Trade Remains Cautious Amid Economic UncertaintyDe Beers’ rough diamond sales were down 18 percent year-over-year in its latest round of sales.
Supplier BulletinApr 18, 2024
Discover History’s Hidden Gems at the Las Vegas Antique Jewelry & Watch ShowSponsored by the Las Vegas Antique Jewelry & Watch Show
Brought to you by
How Jewelers of America Represents Your BusinessFor over 30 years, JA has advocated for the industry, fought against harmful legislation and backed measures that help jewelry businesses.
WatchesApr 18, 2024
Watch E-tailer Collectability Hires Kelly YochThe Patek Philippe expert will serve as personal curator for the brand-focused company.
WatchesApr 18, 2024
TAG Heuer Opens Its Largest Standalone Boutique at SeaThe 553-square-foot shop is aboard the Carnival Jubilee cruise ship.
Policies & IssuesApr 17, 2024
NDC Prevails in U.K. Case Over Lab-Grown Diamond AdvertisingNDC filed a complaint against Skydiamond for use of phrases like “diamonds made entirely from the sky.”
Events & AwardsApr 17, 2024
And the 2024 Winner of the Shipley Award Is … John Carter received the AGS’s highest honor Tuesday afternoon at Conclave in Austin, Texas.
FinancialsApr 17, 2024
LVMH’s Q1 Jewelry Sales Fall 5%LVMH said the company performed well despite an uncertain geopolitical and economic environment.
MajorsApr 17, 2024
Stuller’s B&D Opens New HeadquartersB&D Sales and Service held a ribbon-cutting event for its new location in Cranston, Rhode Island.
CollectionsApr 16, 2024
Akaila Reid Launches ‘Eat Cake’ CollectionIt’s ultra-feminine and filled with gold, pearls, and soft pastels.
MajorsApr 16, 2024
Loudr Adds 2 DirectorsEmily Highet Morgan and Emily Bennett have joined the agency’s team.
MajorsApr 16, 2024
Stuller Releases First Lab-Grown Diamond Jewelry CatalogIts updated book for mountings is also now available.
SourcingApr 16, 2024
Karen Rentmeesters Takes Over as Interim CEO of AWDCShe has been with the organization since 2010, most recently serving as its chief officer of PR and industry relations.
TechnologyApr 15, 2024
Judge Rules Jeweler’s Lawsuit Against PNC Bank Can Move ForwardJoyce’s Jewelry sued the bank after cybercriminals drained its accounts of nearly $1.6 million through a series of wire transfers.
IndependentsApr 15, 2024
Alfred W. DeScenza of DeScenza Diamonds Dies at 95He is remembered by loved ones for his loyalty, integrity, and kindness.
AuctionsApr 15, 2024
Madeleine K. Albright Jewelry, Pins Coming to AuctionHosted by Freeman’s | Hindman, the sale will take place May 7-8.
AuctionsApr 15, 2024
All of Sotheby’s ‘Rough Diamonds’ Sold in Less Than an HourThe auction house said all 24 timepieces offered in its underground sale of rare and avant-garde watches quickly found buyers.
Events & AwardsApr 15, 2024
10 Can’t-Miss Sessions at AGS Conclave 2024From lab-grown diamonds and AI to the inevitable Taylor Swift mention, here are some of Conclave’s most intriguing educational offerings.
Recorded WebinarsApr 12, 2024
Watch: What Jewelers Need to Know About InsuranceFrom cybersecurity liability to trade show coverage, insurance experts share tips on how to build the right policy.
CollectionsApr 12, 2024
Piece of the Week: Lionheart’s Evil Eye Gemstone CharmThe charm is a modern rendition of the evil eye amulet that has been worn for thousands of years.
Events & AwardsApr 12, 2024
The Jewelry Symposium Announces 4 Scholarship WinnersAhead of its trade show next month, TJS awarded free registration and accommodations to one jewelry professional and three students.
Policies & IssuesApr 11, 2024
SRK Exports’ Journey Toward Net Zero Impact By the end of this year, SRK’s diamond manufacturing complexes will achieve net zero emissions, one of an impressive array of achievements.
